Response to an Offer for Boston luxury condo for sale
So, how long should you wait on a response to your offer from a Seller? You should keep in mind that there are 4 answers to every contract offer that is submitted when you are dealing with “real sellers” not a bank foreclosure or a short sale:
Yes, the seller accepts the offer
No, they do not accept the offer
The seller is interested in keeping the dialogue open and getting to a successful closing so they counter the offer
The seller dislikes or is insulted enough by the offer enough that they don’t bother to respond – that is the same as a NO.
Boston luxury condo offer timetable
Contracts in the Boston metro area have a response deadline on them, if you are past it, you do not have an active contract offer on the table. You need to check your contract and see what the response time was. If you are past it, then you should talk to your Realtor. Your Realtor should then contact the sellers agent and find out what is going on.
Causes for delays
Sometimes the reason is due to something happening with the seller, sometimes it’s administrative, sometimes it’s the buyer’s agent, but you need to talk to your realtor to find out. Over the years, I have seen agents who submitted a contract WITHOUT giving the sellers agents a courtesy call. The contract didn’t come over the fax or the email correctly and the sellers agent never knew it was there to go look for it. I’ve seen times when the sellers agent was out of town or ill and a buyer’s agent would send a contract directly to them, rather than to the person who was handling their business for them while they were out. I’ve seen contracts get delayed because of a seller dying and no one was sure who could legally respond. With an estate, sometimes there are multiple sellers who have to be contacted. A good agent checks with the seller’s agent before they submit the contract and asks what kind of a response time they need so they can write the contract to account for the needed time. Sometimes there are multiple offers and they decide to negotiate on the best one first, but not respond to a second one, since if the first one falls apart, they want the ability to come back to the second one.
If you are submitting on a foreclosure or a short sale, you might get an answer the same day or you might wait 6 months for an answer, since the banks don’t have to respond by the timelines put into the contract.